JPY & AUD – Bank Of Japan Under Fire

The BoJ has been met with a large amount criticism in recent days as it has proved again that it has little teeth and has not been able to defend the JPY. The Japanese currency continues to get stronger as investors continue to move towards the JPY in what are extremely cautious international markets. The AUD did gain a bit yesterday, but its movement is still very much in a rather known range. The question is when and how the AUD consolidation will end exactly – in other words impetus and timing are the key factors. Gold also continued to turn in flat trading and like the broad market this is because trading is tentative at best and waiting for the next big push.